Wednesday, December 22, 2010

UPDATED: "Assange Blowing Smoke on BofA: Bove" (BAC)

Update: I may owe Dick Bove an apology for casting aspersions on his motives. Link below.Original post:
Methinks Mr. Bove wanted a bit of reflected limelight. The stock is up 3% at $13.38.
From NetNet:

Julian Assange might be saying he’s got the goods on Bank of America but Dick Bove’s not buying it.

The Wikileaks founder has been spreading word that he has documented misbehavior by BofA executives that he will disclose after the New Year.

While the nature of the bank’s misdeeds remains undisclosed, speculation of what exactly Assange has got tucked up his sleeve has caused some gyrations in the BofA stock price.

But anyone getting themselves upset over the possibility of another significant data dump from Wikileaks is worked up over nothing, says Bove, of Rochdale Securities.

“It may just be the case here that the sound is greater than the fury,” the analyst wrote in a note to clients. “It is highly questionable that Mr. Assange has new information about Bank of America.”

Bove, it should be noted, has a “buy” rating on BofA shares with a gaudy $19.25 price target, representing a 44 percent gain from current levels....MORE